5 Markets Feeling the Impact of Lower Mortgage Rates
Now that rates have dropped down to the mid-6's, some areas are seeing an uptick in sales. Read this article on BiggerPockets to learn which markets are increasing (and decreasing).
Share with us what you are seeing in your market.
Comments
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I remember my first mortgage was 7.5% back in 1995. My wife & I were thrilled to get that rate. Five years later, we sold the house for double the price we paid. The profit we made allowed us to purchase our dream home where we've lived ever since. Shortly after moving, the rate continued to decrease downward over the next two decades. At one point, we refinanced 3 times in 1 year to an all-time record low of 2.99% fixed rate and changed over from a 30 year term to 20 years without an increase in our monthly payment. We reduced the rate & shaved 10 years off the loan. #ilovesavingmoney. In my opinion, when investing in residential real estate, you should be able to apply a "date the rate & marry the house" mentality in most cases.
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@Scott Gordon great point! You never know what the future holds! Those who had 8% a couple of months ago can refinance to 6% today.
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